Nigeria officially commenced the sale of crude oil and refined petroleum products in naira on October 1, 2024. This strategic move by the federal government, led by President Bola Tinubu, aims to boost economic growth and self-sufficiency while reducing reliance on foreign currencies.
Nigeria has officially commenced selling crude oil and refined petroleum products in naira, following an October 1 directive from the Federal Executive Council. Finance Minister Wale Edun announced the move, highlighting it as part of a strategic initiative aimed at boosting economic growth and stability.
Key stakeholders attended a post-commencement review meeting, including the Petroleum Minister of State, the President’s advisers on Revenue and Energy, and officials from the Nigerian National Petroleum Company (NNPC). This initiative positions Nigeria to reduce its dependence on foreign currencies in oil transactions, aligning with President Bola Tinubu’s vision for economic self-sufficiency.
This policy mandates the NNPC to sell crude oil to the Dangote Refinery and other refineries in naira. Edun emphasized the expected impact on Nigeria's economy, suggesting the move will support long-term national development. Additionally, the Nigerian Ports Authority (NPA) has begun coordinating services for this new sales framework, aiming to streamline operations and maximize the initiative's benefits
![Today's Naira Rate[06-10-2024]: Black Market Dollar Rate Reaches N1,674 as Economic Challenges Persist](/data/attachments/208/208942-40f177f6e3caf61ab226cc86d490ccfd.jpg?hash=hFfFcRmkeL)
